India's economy to slow in FY24, GDP growth seen at 6.3%: World Bank

India' economy is expected to slow in the current fiscal to 6.3 per cent on the back of shrinkage in consumption.

India' economy is expected to slow in the current fiscal to 6.3 per cent on the back of shrinkage in consumption due to slower income growth, World Bank said in a latest report.

The report estimates India's inflation to moderate from 6.6 per cent to 5.5 per cent in the current fiscal.

The Current Account Deficit (CAD) is expected to be 5.2% in FY24.

The Economic Survey had projected a growth of 6.5 per cent for the current fiscal while RBI's latest projection pegs growth for FY24 at 6.4 per cent.

"The actual outcome for real GDP growth will probably lie in the range of 6.0% to 6.8%, depending on the trajectory of economic and political developments globally," the survey had said.

CRISIL has pegged India's growth in FY24 at 6 per cent due to a challenging global macroeconomic environment.